Lloyd's goes outside the insurance industry for new CEO.Going outside the insurance market, Lloyd's has named Richard Ward, former chief executive of the International Petroleum Exchange in London, as its new chief executive officer. Ward, who starts his new job on April 24, was IPE's chief executive officer from 1999 to 2005. Ward is now vice chairman of ICE Futures, the name that the IPE IPE - Integrated Programming Environment assumed as part of its decision to take a listing in November 2005 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Ward, who is 49, succeeds Nick Prettejohn, who left Lloyd's at the end of last year to head the U.K. life and pensions business of British insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. Prudential plc This article is about the British company. For the American company, see Prudential Financial. For places named after the company, see Prudential. Prudential plc (LSE: PRU, NYSE: PUK) is a United Kingdom-based financial services company. . "I am acutely aware that Lloyd's is one of the great global brands and has made significant strides forward, overcoming major challenges," Ward said in a statement. Ward's education is far removed from insurance. He has a Ph.D. in chemistry from Exeter University, in southwestern England. He joined the IPE in 1995 as director of product development and research, becoming executive vice president in 1996. His previous experience had included stints as an energy broker, energy research manager and physicist. Ewen Gilmour, chief executive of Chaucer Syndicates, who recently became Lloyd's deputy chairman, described the appointment as "excellent." Ward's status as an outsider Outsider often refers to one identified as on the periphery of social norms, one living or working apart from mainstream society, or one observing a group from the outside, as used in:
In sports and games, a method of offsetting the varying abilities or characteristics of competitors in order to equalize their chances of winning. Handicapping takes many, often complicated, forms. , Gilmour said. "It tends to be an advantage," he said. "You don't come with any baggage to start with. You come with a fresh perspective." |
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